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Crude plummets $2.46 lower

Posted on: May 26, 2017

So there you have it: OPEC’s final decision was to extend cuts by 9 months and maintain the current levels. No countries were added or removed and everything went exactly as anticipated but it simply wasn’t enough to satisfy the markets, resulting in a major selloff of $2.46 lower and a final settle price at $48.90.

Regardless of the initial selloff reaction the extension will aid in reducing the global supply glut, however, whether high compliance persists will remain a pressing question. Another question is just how vigorously Libya and Nigeria will pump out crude (exempt from the agreement) and offset the future benefits.

Overall it may have been an overreaction and a price correction might be in order, especially after considering the mild reaction to the 4.4 million barrel draw in US stockpiles reported Wednesday. Time will tell.

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